Arkansas says NO WAY to pay day loan centers (H/T- Costner)

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We should do this in South Dakota;

If you are sick of living in an area crammed with payday lenders on every corner, maybe Arkansas is the right place for you.

On August 11, 2009, the final payday lending storefront shuttered its doors in Little Rock, Arkansas. Though the Arkansas Constitution limits interest on loans to 17%, a decade-old law enabled payday lenders to dodge the issue and charge triple-digit interest on loans.

Needless to say, the law had many vocal opponents. And, in an example of the judicial system at its best, the Arkansas Supreme Court found the law unconstitutional in 2008.

Posted in: Pay Day loans

7 Thoughts on “Arkansas says NO WAY to pay day loan centers (H/T- Costner)”

  1. anominous on November 3, 2009 at 11:17 pm said:

    What’s a “Payday”?

  2. Costner on November 4, 2009 at 7:25 am said:

    Of course you will never find a South Dakota politician willing to pass a usury law limiting interest rates to 17%, but heck… even 30% would be a vast improvement over the 79.9% charged by First Premier or the effective 300% – 1000% charged by some payday loan centers.

  3. Ghost of Dude on November 4, 2009 at 9:19 am said:

    Yup. Good old conservative, Christian South Dakota. Full of those good prarie values.

    And where our government would be up shit creek witout its citizens smoking, drinking, and gambling in increasing numbers or if the usury industry up and left.

  4. Randall on November 4, 2009 at 10:14 am said:

    And of course, it wouldn’t work (predatory usurious interest rates) except the banks are allowed to do it across state lines regardless of your home state’s banking laws…

    Which is the Republican’s answer to health care as well…

    Genius!

  5. Costner on November 4, 2009 at 10:29 am said:

    Oh you didn’t hear Randall? The GOP healthcare plan also includes a cap on medical lawsuits for $250,000. That is their solution for the healthcare problem.

    I won’t speak for anyone else, but if I go into the hospital to have my knee scoped and come out with a leg removed, I sure as hell want more than $250,000! What a joke.

  6. Ghost of Dude on November 4, 2009 at 10:34 am said:

    Instead of capping lawsuit amounts in medical cases, they should cap the attorney’s compensation.
    That way, the injured party still gets their due, but the attorney can’t become an overnight millionaire by suing doctors.

  7. Costner on November 4, 2009 at 12:29 pm said:

    Those medical malpractice advertisements from the likes of James Sokolove that are played at all hours of the day are pretty disgusting.

    If there is such a thing as karma, that guy will eventually live a very, very sad life.

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